A Czar is Born...The Pay Czar

I'm not kidding, apparently we have a new Czar - The Pay Czar. I think that gives us more Czars than in the history of Russia. By the way a Czar is someone who has unelected authority over people.

The Pay Czar will have the job of deciding how much certain people should be paid. If this isn't the ultimate Fascist/Socialist movement yet by Obama I don't know what is. All of you Obamatons out there better start waking up and tell your friends because the alarm is clearly ringing.

Are we a communist country yet?, well it seems that while our nations deficit is unsustainable and people in this nation lay unemployed and destitute our Government thinks that government needs to get bigger and bigger.

Isn't that what dictatorship nations do, but hey we are democratic we get to elect our dictators every 4 year.

A pay Czar, that is the most ridiculous thing I every heard and all at the expenses of tax payer.

Here is a link from the Wall Street Journal on the subject:

External Source

Right now it is strictly for monitoring Executive pay for companies that have been bailed out, but it does set precedence.

reply to post by DropInABucket


The precedent is that government is taking over corporate America and dictating what their rules, that is not by any means fee capitalism that is dictatorship.

When a dictator like Hugo Chavez accuses Obama of being even further to left than he is... well, you have to know that there is a problem here. Yet, the mouth-breathing, drooling Obamatrons still can't seem to wrap their fragile heads around what is happening to our country. May the good Lord have mercy on us all!

How many Czars is it that we have now?

Originally posted by marg6043
reply to post by DropInABucket

 

The precedent is that government is taking over corporate America and dictating what their rules, that is not by any means fee capitalism that is dictatorship.

And I'm not defending it in the least. I am all for less government control. Just repeating what I saw in the article I posted.

reply to post by DropInABucket


I know you are not defending, I guess I should have said first the words, you were right, I just forgot on my haste.

Originally posted by SaraThustra
The Pay Czar will have the job of deciding how much certain people should be paid.

This is so that the bailout money we gave to these companies doesn't just go and fatten the bank accounts of their top CEO's and other employees with huge bonuses in the millions of dollars!

Don't you remember the OUTRAGE from the American people and the media once it was learned that these companies that were bailed out were using the bailout money to pay multi-million dollar bonuses, vactions, and other such things?

Goldman Sachs Ready to Hand Out £7bn Salary and Bonus Package... After its £6bn Bail-But
$50 Billion of Bailout Going to Employee Bonuses
A.I.G. Planning Huge Bonuses After $170 Billion Bailout
Wall Street: Taking Bailouts, Giving Bonuses?
America Discovers That Bailout Will Be Used To Pay Wall Street Bonuses
Wall Street Bonuses Draw Scrutiny in Bailout's Wake
Bonuses are 10% of Bailout
Wall Street Banks in $70bn Staff Payout

Isn't this what the majority of Americans wanted once we found out that A LOT of the bailout money these companies received was being used for bonuses, the government to step in and STOP it?

Oh, how soon ye forget!

That money was suppose to be used to help their company stay afloat, to help the US people and the US economy, not to be given away to a few of "their chosen" in bonuses!

But, will this really work?

How long will it take before this "CZAR" is in the pockets of these "bailed out" companies and they just continue to pat themselves on each others backs and give each other multi-million dollar bonuses?

And just in case some people didn't read the article, his title won't be the "Pay Czar", ...

Meet Your Compensation Cop: Kenneth Feinberg

But anyway, yes: Kenneth Feinberg is the man the White House intends to name "Special Master for Compensation," as early as next week, in order to "ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter." Apparently a major factor in creating the gig was that no firms know what they are or aren't allowed to pay their employees.

Their already have been guidelines that companies that received bailout money had to follow, this new position has been made, it seems to me, to help these companies understand these guidelines and to ensure these companies are following them!

Obama Reins In Bailout Company's Fat Cats

President Barack Obama on Wednesday imposed a $500,000 cap on senior executive pay for the most distressed financial institutions receiving taxpayer bailout money and promised new steps to end a system of "executives being rewarded for failure."

Mr. Obama announced the unusual government intervention into corporate America at the White House, with Treasury Secretary Timothy Geithner at his side. The president said the executive-pay limits are a first step, to be followed by the unveiling next week of a sweeping new framework for spending what remains of the $700 billion financial industry bailout that Congress created last year.

The pay limit comes amid a national outcry over huge bonuses to executives who head companies that seek taxpayer dollars to remain afloat.

So this statement isn't exactly true!

Originally posted by SaraThustra
The Pay Czar will have the job of deciding how much certain people should be paid.

As a matter of fact, it's not true at all!

Treasury Announces New Restrictions On Executive Compensation

Today, the Treasury Department is issuing a new set of guidelines on executive pay for financial institutions that are receiving government assistance to address our current financial crisis. These measures are designed to ensure that public funds are directed only toward the public interest in strengthening our economy by stabilizing our financial system and not toward inappropriate private gain. The measures announced today are designed to ensure that the compensation of top executives in the financial community is closely aligned not only with the interests of shareholders and financial institutions, but with the taxpayers providing assistance to those companies.

The Obama administration and the Treasury Dept. are the ones who decided how much employees should be compensated if their employer has excepted a bailout from the US government (who works for the US citizens and is entrusted in using their [tax]money wisely! ).

The person that holds this new position cannot decide on his own who will get paid how much, but must follow the guidelines that these companies received from the Treasury Department!

I think a better title for this new position would be "Bailout Enforcer" or "Bailout Guidelines Enforcer" rather than "Pay Czar"!

Isn't this what the people cried out for?

Some sort of agency/position to watch how these companies are spending this bailout money we gave them?

[edit on 6/5/2009 by Keyhole]

I find it hard to believe that with ALL these posts before the one I posted above that there is nobody answering to it.

Deny Ignorance!

Let's not just listen to the media's or some "blogs" name calling thing!



[edit on 6/5/2009 by Keyhole]

But there is an agency that should have had the power to do this without the need for another unelected official.

The House Oversight committee. We don't need MORE Czar's in this country. I don't understand why we have Czar's anyway. Do any of you know where Russia got the term Czar? It's a shortened form of the word Cesar! I'm sorry but this is a republic, I don't need some Cesar deciding to cross the Rubicon (Potomac) on us and taking over our government.

This is a very Socialist move by this administration and I fail to see the need for it.

Government already mandates the minimum a person can make...soon they will mandate the most someone can make.

The only reason Government bailed these companies out was to take control.

No one is too big to fail...including Lord Obama!

reply to post by Keyhole


Sorry Keyhole but taking into consideration the corruption that has taken power in our for the people government until this day, nobody that has been bailed out has been transparent at all neither the Federal reserve can account for all the billions that were given away.

Perhaps the companies that are more than 50% in government bailout money can be monitored.

But I am very sorry to say that no even Obama can tell most of this financial institutions what they are to do with their business. Actually they are the ones that influence policies in Washington with their lobbyist.

Still the new position will add more to an already over inflated government and is nothing than a sham to make the public think that something is done.

Nothing but pure deception.

why am i not suprised. we ARE facist. by definition. "the integration of government and corperate economics." the government is bailing out (buying) corperations, and then they are in complete control of them, and everything under them. they let these massive mergers happen, so that when the big guy goes down, they pick him up, and then suddenly own everything he owns. then they decide thier pay, (along with their own salaries at our expense)